Waterfront Duplex with Boat
For Sale
$1,995,000
22a Mooring Rd, San Rafael, CA 94901
Two townhouse-style residences provide adaptable living arrangements in a San Rafael waterfront setting.
Property Size4,720 SF
Price / SF$422.67
Days on Market145
Property Features for 22a Mooring Rd
General Information
Standard status
Active
Size
4,720 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private boat docks
Building Details
Year Built
1974
Listing Agency:
Wesely & Associates
(415) 310-5542
Listed By:
Wendy A. Newman · License #02159040
Source:
Homesofgreatersacramento
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 31 at 3:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Wesely & Associates
Investment Insights
Based on property information with market context.
This San Rafael duplex contains two townhouse-style residences, each arranged with 3 bedrooms and 3 bathrooms. The property encompasses 4,720 square feet and was built in 1974. Both homes are positioned along the water and include private boat docks, while the second residence has luxury vinyl plank flooring and mirrors the layout shown for Unit 22A.
Located at 22A Mooring Road, the property offers access to U.S. 101 for commuting toward San Francisco. Montecito Plaza and downtown San Rafael are identified as nearby shopping and service destinations. The two-home configuration supports an income-property, multigenerational, or owner-occupant arrangement, with 1031 exchange eligibility noted in the property information.
Located at 22A Mooring Road, the property offers access to U.S. 101 for commuting toward San Francisco. Montecito Plaza and downtown San Rafael are identified as nearby shopping and service destinations. The two-home configuration supports an income-property, multigenerational, or owner-occupant arrangement, with 1031 exchange eligibility noted in the property information.
Key Highlights
- Waterfront duplex with two townhouse‑style residences
- Each residence includes 3 bedrooms and 3 bathrooms
- Private boat docks serve the two residences
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,427
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,168,540
$3.2M
Cap Rate 7%
$2,263,243
$2.3M
Cap Rate 9%
$1,760,300
$1.8M
Market Conditions
NOI Build-Up for 4,720 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$240.7K $51.00/SF
− Vacancy
−$14.4K −$3.05/SF
EGI
$226.3K $47.95/SF
− OpEx
−$67.9K −$14.39/SF
NOI
$158.4K $33.57/SF
Area
Marin County, CA
Vacancy
5.98%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,168,540
Cap Rate 7%
$2,263,243
Cap Rate 9%
$1,760,300
Alternative Uses
Best Use
Multifamily LT 5
$2.26M
$1.98M – $2.64M
NOI $158,427 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$976.8K
$854.7K – $1.14M
NOI $68,374 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$23.06M
$20.17M – $26.90M
NOI $1,613,868 @ 7.0% cap · market cap 80.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 94901, CA
43,338
Population
16,412
Households
2.6
Avg Household Size
40
Median Age
48%
College-Educated
82%
High-School Grad
13.1 sq mi
ZIP Area
3,308
Density / Sq Mi
$108,837
Median Household Income
$50,122
Median Earnings
$2,229
Median Rent
$1,369,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two townhouse-style residences provide adaptable living arrangements in a San Rafael waterfront setting.
Where is this duplex located?
The property is located at 22a Mooring Rd San Rafael, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Waterfront duplex with two townhouse‑style residences; Each residence includes 3 bedrooms and 3 bathrooms; Private boat docks serve the two residences
